Palmerbet.com is totally Australian owned and their license was issued by the New South Wales authorities. The office for the operation is housed in the facilities at Canterbury racecourse.
The Palmer family that is behind Palmerbet.com has been associated with bookmaking in the Sydney area for over 30 years, but they just launched the online aspect of the operation in the latter half of 2013. Prior, they could be found on the rails at any of the metro racecourses.
Combining their experience as a rails bookmaker with the Internet technology that is, or soon will be the dominant method for punters wishing to test their mettle, would seem to be a logical move where the only possible question would be as to why now, instead of much sooner.
With less than a year’s worth of Internet history, it is somewhat difficult to reach any firm conclusions as to what impact Palmerbet.com will exact on the crowded field of online bookmakers and betting agencies, but it would seem that punters would be the beneficiaries of another experienced bookmaker’s offerings if for no other reason than that more choices are superior to fewer.
Australian punters who are put off by the recent trend of offshore bookmakers taking the reins of what were once Australian bookmakers may appreciate the local ties offered by the Palmer name and they can also take comfort in the fact that Palmerbet.com is regulated by the NSW Office of Liquor, Gaming and Racing.
Sign on Bonus Bets for new members are expected and Palmerbet comes through with a $500 maximum first deposit bonus. It can be used on any of the racing and sports markets offered by Palmerbet, unlike some other bookmakers that restrict free bets to racing.
The terms and conditions state that the bonus must be used for Fixed Odds markets with minimum odds above 1.40. Only Australian residents are eligible. Victoria and South Australia residents are not.
Funding deposits may be made via Visa and MasterCard, direct bank transfer, BPAY and POLi. Anyone in a lather to start betting straight off will want to use POLi, since Palmerbet will authorise funds deposited with this method immediately.
Bank transfer is the only withdrawal option, which could incur fees from a punter’s bank. Other than that, Palmerbet itself does not seem to impose any transaction fees on deposits or withdrawals.
Being an Australian owned bookmaker that targets an Australian clientele, Palmerbet accepts only the Australian dollar and supports only English where languages are concerned.
Something not seen often regarding minimum deposits might seem to be a quirk of sorts, but Palmerbet has a $10 minimum opening deposit for credit cards and POLi, whilst BPay requires $25. Regarding bank transfer deposits, Palmerbet advises inquiring of the funding bank.
Palmerbet is more or less typical when it comes to minimum wager requirements. Online betting is $1.00 and phone bets must be at least $10. Above those limits, bets must be placed in $0.50 increments, which hopefully will not be of concern to anyone.
There are some slightly different provisions with Palmerbet regarding payouts, not entirely unique by any means, but still something of which to be aware. On their Best Tote + SP racing promotion, the maximum payout is $30,000, whilst their Best of the Best racing product limits bets to a maximum of $250 per runner.
Metropolitan thoroughbred races carry a maximum payout of dividends and combinations of $100,000, which is reduced to $50,000 for thoroughbred races held at non-metropolitan venues. Greyhound and harness racing payouts are capped at $25,000.
Sports bets do not seem to have any such restrictions placed upon them.
There are no dormant account fees at Palmerbet, something that will appeal to the casual members of the punting ranks, but there is a 1x turnover requirement on deposited funds and a 2x requirement on bonus credits.
Palmerbet does accept applications for credit facilities, although our views on borrowing money in order to fund wagering are rather dim.
They do, as a security measure for both themselves and their clients, conduct identity verification procedures similar to those employed by other online bookmakers. A driver’s license, passport and Medicare cards are examples of documents that can be uploaded for online identification verification.
These can be mailed in, also, for those who find uploading documents too challenging.Customers using credit cards to make funding deposits will need to supply a legible copy of the front and back of the card.
The company saw no need to make unnecessary modifications to the wagering interface, going so far as to use the same website design agency that performed those services for Luxbet. Their website does claim that a mobile version is available, but exact details were not provided, and there does not seem to be a site map available from the home page.
Palmerbet is rather aggressive is offering even money lines on some major sports, such as the NBA, NRL and AFL.
Information concerning margins was not readily available, but choosing a bookmaker on this criterion alone has never made much sense, since margin is more of a reflection of how much is paid out to punters as a group.
Palmerbet does have plenty of ongoing promotions, which are easily located from a link on the top-left hand side of the website. Best of the Best will appeal to punters who like to wager on the metro meetings. There is a referral bonus for punters who bring along new clients. Mention of the even lines on footy has already been made.
There is a limited Money Back promotion for fixed odds win bets where a selection places in a Group 1 race. There are others, amongst them some weekly specials that will change according to season and market.
Palmerbet certainly seems to have taken what was learned over three decades of involvement with sports and racing bookmaking and made an impressive transition to the online arena.
Whether or not they can remain competitive and independent over the long run will prove an interesting observation.
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